PH bags $22M of investment pledges during Asean — Palace

JAKARTA, Indonesia — The Philippines received investment pledges amounting to $22 million during President Ferdinand Marcos Jr.’s trip to Indonesia for the 43rd Association of Southeast Asian Nations (Asean) Summit, said the Palace on Wednesday.

Marcos met with the top executives of Indonesia companies on the sidelines of the Asean Summit.

“President Ferdinand R. Marcos Jr. secured on Tuesday $22 million in investments following his meetings with Indonesia’s leading companies for increased partnerships on animal health, artificial intelligence, and digital connectivity,” said the Palace in a statement.

According to the Palace, these companies include the PT Vaksindo Satwa Nusantara and the PT WIR Asia Tbk.

The PT Vaksindo Satwa Nusantara will cooperate with Philippine partner Univet Nutrition and Animal Healthcare Company Philippines for veterinary vaccines, pursuing an infusion of $2 million in investments for 2023.

Meanwhile, PT WIR Asia Tbk and its subsidiaries will invest $20 million in the Philippines in the next five years.

On Tuesday evening, Marcos met with the Asean Business Advisory Council and Indonesian business leaders, where he touted the measures that the Philippines had taken to make the country more conducive to business growth.

“We have undertaken reforms in the Philippines to make it more conducive to business growth. To ease foreign ownership restrictions and entice investors for the country’s recovery and growth, we have amended our Public Service Act,” said Marcos.

Marcos also told the business leaders about the Regional Comprehensive Economic Partnership, Foreign Investment Act, Retail Trade Liberalization Act, Ease of Doing Business Act, and Executive Order No. 18 on Green Lanes for Strategic Investments.

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TAGS: ASEAN, Asean Summit, Bongbong marcos, Indonesia, Investment, pledges